China’s flagship cross-border digital currency platform is reportedly seeing explosive growth as Beijing builds alternatives to dollar-dependent payment systems.
Project mBridge, a multi-central bank digital currency platform, has now processed more than 4,000 cross-border transactions with a cumulative value of approximately $55.5 billion, Reuters reported Friday, citing data from the Atlantic Council. The digital yuan accounts for roughly 95% of total settlement volume.
The platform’s growth comes alongside broader momentum for China’s domestic CBDC. The People’s Bank of China recently reported that the e-CNY has processed more than 3.4 billion transactions worth roughly $2.4 trillion, for an increase of over 800% from 2023, according to Reuters.
China also recently began allowing commercial banks to pay interest on digital yuan holdings under a new framework that took effect Jan. 1, transitioning the e-CNY from digital cash to “digital deposit currency,” as The Block previously reported.
The Bank for International Settlements unexpectedly exited mBridge in October 2024. BIS General Manager Agustín Carstens framed the departure as a “graduation” but also sought to distance the platform from speculation it could be used by BRICS nations to circumvent sanctions, stating categorically that “mBridge is not the BRICS bridge.”
The BIS is now focused on Project Agorá, a rival initiative involving seven Western central banks including the Federal Reserve Bank of New York, Bank of England, and Bank of Japan. That project announced this week it was stepping up testing, according to Reuters.
“Project mBridge is unlikely to challenge dollar dominance directly, but it may incrementally erode it,” wrote the Atlantic Council’s Alisha Chhangani.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
